Central Plaza Hotel Public Company Limited October 17, 2014

Transcription

1 Central Plaza Hotel Public Company Limited October 17, 2014

2 This presentation contains certain forward looking statements. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward looking statements as a result of various factors and circumstances. The views, analyses and opinions expressed herein contain some information derived from publicly available sources and third party information providers. No representation or warranty is made as to the accuracy, completeness, or reliability of such information. This presentation should not be relied upon as any recommendation, view, opinion, representation or forecast of Central Plaza Hotel Plc. Nothing in this presentation should be construed as either an offer to sell, a solicitation of an offer to buy or sell shares or any type of securities in any jurisdiction. This presentation is not intended to be any type of investment advice and must not be relied upon as such. You must always seek the relevant professional advice before otherwise making any such financial, legal or commercial decisions. 2

3 RAL PL AZA HO TEL PU BLIC C OMPAN Y LIMI I TED Company Background Hotel Business Food Business Outlook and Financial Highlight CENT 3

4 4 CENT RAL PL AZA HO TEL PU BLIC C OMPAN Y LIMII TED

5 CENTEL s presentation CENTEL: Part of Central Group Central Trading Co., Ltd. (Holding company since 1947) Department Store Group (DSG) Fast Moving Consumer Group (FMCG) Hardlines Group (HDLG) Office Mate Group (OFMG) Central Pattana Group p( (CPN) Central Marketing Group (CMG) Centara Hotel & Resort Group (CHR) Central Restaurant Group (CRG) Owner and operator of Central Department Store Shareholder of Robinson department store - listed company/ ROBINS Consumer product business Construction materials, home and decor and electric appliance business Stationery, books and online business listed company OFM Develop department store and real estate business - listed company CPN Import and distribution consumer products business Hotel business Quick service restaurant and casual dinning restaurant business CENTEL s Shareholder Structure listed company CENTEL Foreigner 9% CENTEL s Equity Market Information 67% Family Local Investors Price (as of Dividend 24% Symbol Sector Market Cap 14/11/14) Policy CENTEL Tourism Bt34.00 Bt45,900bn 60% As at 30 September

6 CENTEL s presentation CENTEL smilestone CENTELs Food business Corporate Listed in The Stock Exchange of Thailand (SET) Capital increase of Baht 500 million introduced Authorized Franchisee Mister franchisee of Auntie Donut of KFC Anne s Capital increase of Baht 450 million Par splited from Baht 5 to Baht 1 Introduced Pepper Lunch Terminated Pizza Hut and Baskin Robbins and introduced Beard Papa s QSR brought 5 new brands into portfolios Acquired Ootoya home cooking style Japanese restaurant Terminated Café Andonand Introduced Tenya into portfolio Hotel busin ness 1 st hotel, Centara Grand at Central Ladprao Bangkok Rebrandin g hotel brand from Central to Centara Grand opening of Centara Grand at Central World Launched Property Fund (Centara Grand Samui) Grand opening of Centara Grand Mirage Beach Resort, Pattaya Opening the 1 st oversea JVs in Opening Centara Grand Phuket Consolidating Centara Karon, (Feb) Centara Maldives (Mar) Centara Grand Maldives (Dec) Maldives Centara Grand Resort & Spa, Maldives 6 Opening Centara Maldives on 24 March

7 CENTEL: Revenue and Profit by Business CENTEL s presentation Continuous growth through h the opening of new hotels and acquisition iti of new food brands Total Revenue by business segment (THB million): 4-year CAGR=20 % 8,436 9,400 54% 56% 46% 44% Hotel 11,474 57% 43% Food 14,829 56% 44% 17,469 53% 47% 2009A 2010A 2011A 2012A 2013A Owned Hotel Inventory (rms) and Food Outlets EBITDA by business segment (THB million): 4-year CAGR = 27% 1,443 42% 1,669 52% 58% 48% Hotel 2,365 46% 54% Food 3,164 38% 62% 3,800 32% 68% 2009A 2010A 2011A 2012A 2013A EBITDA Margin by business segment Hotel Food ,805 3,067 3,067 3,514 3,654 22% 19% Hotel 26% Food 31% 31% Hotel 2009A 2010A 2011A 2012A 2013A Grand Grand Grand Maldives Centara Pattaya Phuket Centara Karon Maldives 13% 17% 16% 14% 13% Food Ootoya (33 outlets) Note: Total revenue and EBITDA before extra items and deferred rental income from PFPO 2009A 2010A 2011A 2012A 2013A BKK Riot Rajprasong Flood in Protest in protest Central of 4Q13 Thailand 7 in Q4

8 HOTEL CENT RAL PL AZA HO TEL PU C OMPAN Y LIMII TED U BLIC CHOTEL 8

9 CENTEL s presentation 6 Centara Brands: Offering variety of brands to capture opportunity in different market segments. Five-star Category Four-star Category A series of distinctive properties designed d to an intimate scale Set in prime city and beachfront locations Premium settings in city-centre locations, beach, and island destination Imparting a residential quality. Two categories Centara Grand and Centara Located to attract the corporate and the leisure longstay guest Offers affordable hotels and resorts Providing a quality experience designed to exceed expectations Designed for costconscious travelers who mostly osty do all their own bookings on-line 9

10 CENTEL s presentation Hotel Business Strategy: focusing on hotel management but also investing in new owned hotels by employing internal cash flow/ REIT Owned Hotel Asset Light Strategy: focusing on expansion of portfolio through hotel management business; JVs Hotel Hotel Property Fund Asset Right Strategy: expanding our portfolio through: Investing in property p (owned or JVs) using internal cash flow; and Using property fund/reit as a vehicle for making new investments. Managed Hotel 10

11 Hotels in Operation as at 31 Dec 14 (1/2): CENTEL s presentation Total 45 hotels in operation by the end of 2014 with 8,585 rooms (including 15 owned and JV properties and 30 hotels under management contract). List of 15 owned & JV hotels (3,812 rooms) Hotel Name #Rms Country Owned Hotels 1 Centara Grand at 512 Thailand CentralWorld 2 Centara Grand Ladprao 565 Thailand 3 Centara Grand Hua Hin 249 Thailand 4 Centara Grand Phuket 262 Thailand 5 Centara Grand Krabi 192 Thailand Asset types # Properties #Rms Owned & JV hotels 15 3,812 Hotels under management contracts 30 4,773 Grand total 45 8,585 Hotel Name #Rms Country Owned Hotels (continued) 9 Centara Mae Sot Hill 113 Thailand Resort 10 Centara Hat Yai 245 Thailand 11 Centara Villas Samui 100 Thailand 12 Centara Grand Maldives 112 Maldives 13 Centara Maldives 140 Maldives Centara Grand Mirage Property Fund Hotel Thailand Pattaya 14 Centara Grand Samui 202 Thailand 7 Centara Villas Phuket 72 Thailand Joint Venture Hotel 8 Centara Karon Resort 335 Thailand Phuket 15 Centara Kata Resort 158 Thailand Phuket 11

12 Hotels in Operation as at 31 Dec 14 (2/2): List of 30 hotels under management contract (4,773 rooms) CENTEL s presentation Hotel Name #Rms Country Hotel Name #Rms Country Managed Hotel 33 Centra Government Complex 204 THA 16 Khum Phaya Resort, Boutique 87 THA 34 Centra Coconut Beach Samui 55 THA 17 Centara Udon Thani 259 THA Centara Watergate Hotel & Spa Centara Chaan Talay, Trat 44 THA Bangkok 281 THA 19 Centara Duangtawan Chiang Mai 512 THA Khao Lak Seaview Resort & Spa, Centara Sappaya, Rayong 13 THA Centara 230* THA 21 Centra Ashlee Hotel Patong 110 THA 37 Centra Central Station Bangkok 150 THA 22 Centara Anda Dhevi, Krabi 135* THA 38 Centara Grand Modus Pattaya 252* THA 23 Centara Plaza Hotel Pattaya 152 THA Centara Grand Phrathamnak Resort THA Pattaya 24 Nova Hotel & Spa Pattaya, Boutique 79 THA Centara Grand Azuri Resort & Spa Chen La Resort & Spa Phu Quoc, MUS 25 36* VNM Mauritius Boutique 41 The Blue Marine Resort & Spa Phuket 266 THA 26 Waterfront Suites Phuket 39 THA 27 Centra Taum Resort Bali 90 IND Centara Grand Azuri Residences & 42 Suites Mauritius 100* MUS 28 Centara Grand West Sands, Phuket 545* THA 43 Centara Ceysands Resort & Spa Srilanka 165 SRI 29 Centara Hotel Khonkaen 196 THA Centara Grand Nusa Dua Resort & Villas, Sandy Beach Non Nuoc Resort Danong IND VNM Bali Vietnam Managed by Centara 45 Centra Avenue Hotel Pattaya 51 THA 31 Centara Koh Chang Resort 157 THA 32 Centara Poste Lafayette, Maurittius 100 MUS Note: Opened in 2014 * Revised figures 12

13 Hotel Portfolio including Pipeline CENTEL s presentation Total 77 hotels, including 45 hotels in operation by the end of 2014 and 32 hotels under development, scheduled from 2015 to 2017 Tot al hotels in po ortfolio: 15,60 06 rooms Brands Thailand Indonesia Laos Maldives Mauritius Vietnam Centara Grand Sri Lanka Ethiopia Doha Oman China Total 4, ,086 Centara 3,837 2, ,907 Centra 1, ,269 Centara Boutique Collection Centara Residence & Suite Cosi 473* 473 Total 10,305 1, ,606 Proportion of rooms: Owned vs. Managed Pipeline Total Managed 73% 15,606 rms Owned, JVs, Property Fund 27% tels in pipeline e: 7,021 rooms Thailand 210 2, ,763 Indonesia 1, ,057 Laos Maldives Vietnam Sri Lanka Ethiopia Doha As at October 31,2014 Oman Noted: * Included 2 owned COSI projects in Samui and Pattaya Hot China Total 2,086 3,054 1,881 7,

14 Centara Guests by Region: CENTEL s presentation Asia increased its portion significantly during the last few years, driven by Chinese. Despite smaller contribution, Europe continued its room night growth yoy driven by Russian. Guests by Regional: 2007 vs.2013 Room Night 9M13* vs 9M14 9M14 9M13 3% 3% 2% 2% 9% 6% 5% 18% 48% 10% % 36% Others USA Middle East Australia 6% 4% 2% 2% 3% 3% 10% 11% Thailand 15% 18% 14% 27% Asia 28% 25% Europe 36% 38% 0% 5% 10% 15% 20% 25% 30% 35% 40% Europe Asia Thailand Australia Middle East USA Others Note: *revised figures 14

15 4,000 3,500 3,000 2,500 2,000 1,500 1, % 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 10,000 8,000 6,000 4,000 2,000 3,900 3,700 3,500 3,300 3,100 2,900 2,700 2, % 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Hotel Performance Snapshot: CENTEL s presentation Non-Bangkok k and Maldives continued to perform well. Gradual recovery for Bangkok k is noted following the unrest in 1Q-14 and coup d etat in May-14 OCC, ARR and RevPar Total Revenue**(Btmn) and # of rooms OCC (%) 2007A 2010A 2013A* Bangkok Upcountry Maldives Average ARR (Bt) 2007A 2010A 2013A* Bangkok 2, ,752 3,097 Upcountry 3,752 3,639 3,886 Maldives ,376 9M13 9M14 Chg (24.2) (1.5) (7.2) 9M13 9M14 %Chg 10,000 8,000 6,000 4,000 2,000 3,654 3,067 2,233 8,286 4,105 2,887 3,766 3,812 6,021 5,929 3,017 3, A 2010A 2013A 9M13 9M14 3,816 3, ,108 17, Average 3,391 3,409 4,370 4,229 4, RevPar (Bt) 2007A 2010A 2013A* 9M13 9M14 %Chg Bangkok 1,664 1,396 2,401 2,377 1,670 (29.7) Upcountry 2,184 2,225 3,122 3,060 3, Maldives ,040 12,477 15, Average 2,046 1,979 3,486 3,380 3, Noted: *Included Maldives since 2013 Noted: **Excluded extra items and deferred rental income from PFPO 4,000 3,000 2,000 1,000 - Total Revenue No.of rooms EBITDA **(Btmn) and EBITDA margin 32% 31% 19% 2, ,000 3,000 2,000 1,000 32% 31% 1,933 1, A 2010A 2013A 9M13 9M14 EBITDA %EBITDA Margin 15

16 CENTEL s presentation Revenue Contribution by Location: New developments in the last 5 years have resulted in better diversification of source of income. Revenue Contribution 38% 37% 32% 25% 21% 13% 8% 8% 2007A 2010A 2013A 2014E 20% 21% 15% 20% 15% 16% 14% 15% 15% 13% 7% 5% 6% 3% 2% 9% 3% 7% 2% 4% 3% 1% 1% 0% 0.4% Bangkok Hua Hin Hat Yai Krabi Pattaya Phuket Samui Tak Maldives Revenue Per Room Available RevPar (Bt) Bangkok Hua Hin Hat Yai Krabi Pattaya Phuket Samui Tak Maldives 2007A 1,664 4, ,562-1,283 3, A 1,396 3, ,225 2,374 1,734 2, A 2,401 4,724 1,198 3,742 3,750 3,028 3, ,040 9M13 2,377 4,613 1, ,525 3,697 2,902 3, ,477 9M14 1,670 4,671 1,066 3,881 3,629 2,951 3, ,474 16

17 FOOD 17 CENT RAL PL AZA HO TEL PU BLIC C OMPAN N Y LIMII TED

18 CENTEL s presentation Food Business Strategy: Currently, Operating in Thailand but looking for an opportunity to expand in overseas Joint Venture Owned Outlet Expansion Food Acquisition Growing existing brands through outlet expansion across Thailand, particularly in upcountry; Continue looking for opportunity to expand in high potential food segment via: Acquisition by using internal cash flow from operation; Joint venture with international partner. 18

19 Food Portfolios of 12 Brands (1/2): 7 Japanese, 3 US and 2 owned brands CENTEL s presentation Mister Donut (MD) (1978) Founded in the United States in 1956 Now headquartered in Japan, where it has more than 1,300 stores A presence in Taiwan, South Korea, China, Philippines, Thailand, and El Salvador KFC (1984) The world's second largest restaurant chain overall (as measured by sales) after McDonald s, as of Dec Over 18,000 outlets in 120 countries Auntie Anne s (AA) (1988) An American chain of pretzel bakeries More than 300 franchisees with more than 1,200 locations in the United States and more than 23 countries globally Pepper Lunch (PL) (2007) A "fast-steak" restaurant franchise popular in the Tokyo area, founded in 1994 Over 200 stores in 11 countries Chabuton (CBT) (2010) TV Champion chef s Japanese ramen restaurant Supervised by Mr. Yasuji Morizumi, who is also the owner of the first ramen shop appeared in MICHELIN Guide LA Cold Stone (CSC) (2010) An Americanbased ice cream parlor chain premium icecream, or ice cream made with approximately ate 12 14% butterfat Since 2008, an attempt to increase its presence outside the United States 19

20 CENTEL s presentation Food Portfolios of 12 Brands (2/2) Ryu Shabu (RYU) (2010) In house brand Japanese Restaurant Osaka mix shabu shabu all you can eat The Terrace (TT) (2010) Central group's Thai cuisine restaurant Ootoya (OTY) (2011) Acquired total of 33 outlets in Sep 2011 Japanese home cooking style restaurant More than 250 stores in Japan A presence in Taiwan, Hong Kong, Indonesia, Singapore and Thailand Yoshinoya (YO) (2011) The largest chain of beef bowl restaurant founded in 1899 Its motto is Tasty, lowpriced, and quick. Tenya (TEN) (2013) The most successful Tendon chain restaurants in Japan Providing customers with high-quality Tendon and Tempura Katsuya (KAT) (2014) Japanese market leader (Ton-Katsu category) Quick, fresh and delicious deep fried pork Using an automated fryer that t can be served within 5 minutes 214 outlets in Japan (93 owned+121 franchise) since

21 % 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Food Performance Snapshot: p Continuous growth despite the challenging times CENTEL s presentation SSS and TSS growth (%) Total Revenue (Btmn) and # of outlets SSS TSS 11,000 9,000 7,000 5,000 3,000 1, , , ,183 11,000 9,000 7,000 5,000 3,000 1, ,824 7, % 11.3% 9.7% 9.3% 4.0% 14.0% 0.9% 1.8% 1.1% -3.1% (1,000) 2007A 2010A 2013A (1,000) 9M13 Total Revenue # of outlets EBITDA (Btmn) and EBITDA margin 2007A 2010A 2013A 9M13 9M14 2,500 17% 2,500 15% 14% 13% Noted: 2009 terminated Pizza Hut and Baskin Robbins 1,500 1,500 9M14 9% , (500) 2007A 2010A 2013A (500) 9M13 9M14 EBITDA %EBITDA Margin 21

22 CENTEL s presentation Revenue Contribution by Brand: Top 4 brands, KFC, MD, AA and Ootoya contributing 90% of food revenue Revenue Contribution 2007A 2010A 2013A 60% 52% 52% 25%25% 20% PH TEN YO TT RYU RYU CBT CBT CSC PL PL BR BP 9% 9% 8% 9% 7% 8% 7% 2% 4% CSC BP 3% Ootoya 9% AA 7% Other heavy food 8% MD 20% 9M14 KFC 54% Other light food 2% KFC Mister Donut Auntie Ootoya Other Heavy Other Light Anne's Food Food Number of outlets KFC Mister Donut Auntie Anne s Ootoya Other Heavy Food Other Light Food Total 2007A A A M M

23 Highlight ght 23 CENT RAL PL AZA HO TEL PU U BLIC C OMPAN Y LIMII TED

24 CENTEL s presentation Portfolio Expansion Asset Light Expansion: Management fees and # of rooms Food Outlet Expansion Management Fees # of JV and managned rooms Bangkok Upcountry , Btmn ,236 5,136 6, % 50% ,866 3,065 59% 59% 55% 50% A 2012A 2013A 2014E 2015E 2016E 2011A 2012A 2013A 2016E Note: assumed 8 10 new contractsper annum plus 3 4 hotels for COSI brand since

25 CENTEL s presentation Interest Bearing Debt: average cost 4.2% as at 30 Sep 2014 Interest Bearing Debt 31 Dec 13 vs 30 Sep14 Interest Bearing Debt as at 30 Sep,14: Bt10,290mn 6, , , , , , Dec Sep-14 5,144 4,297 3,685 2,243 2,799 1, ,251 As at 31-Dec Sep-14 Interest Bearing Debt/ Equity Debenture 41.8% 1.0X 0.9X Bank overdraft 0.3% 30-Sep-14 Shortterm loan 13.5% Long-term loans 35.8% Current portion of Long-term loans 8.6% Bank overdraft Short-term loan Current portion of Long-term loans Long-term loans Debenture S/T Loan (22.4%) Bt2,307mn L/T Loan (77.6%) Bt7,983mn Fixed Rate (45.6%) Bt4,690mn Float Rate (54.4%) Bt5,600mn 25

26 CENTEL s presentation CENTELMilestone 2009 Hotel 19 hotels (13 owned/jvs and 6 managed) 2013 Hotel 42 hotels (15 owned/jvs and 27 managed) QSR 12 brands 743 outlets 2018E Hotel 80 hotels (21 owned/jvs and 59 managed) QSR 14 brands > 1,000 outlets QSR 5 Brands 478 outlets 26

27 T hank You CENTEL s presentation

28 CENTEL s presentation A Appendix

29 50.00% 0.00% % % % Tourism Arrivals: Number of international tourists arrivals continue to rise CENTEL s presentation o In 2013, top source market continues to contribute the significant growth, including tourists from China (+69%), Russia (+32%), Malaysia (+17%) and Japan (+12%) Number of International Tourist Arrivals to Thailand International Arrivals by Nationality: 9M14 East Asia Europe Americas South Asia Oceania Middle East Africa Market OCC Centel OCC South Oceania Middle Africa Asia 4% East 1% Americas 5% 2% 5% Million Persons % 61% 58% 64% 70% 56% % 51% % Flooding in Central of Thailand 61% % % A 2009A 2010A 2011A 2012A 2013A Airport Closure April Riot Source: BOT and TAT Rajprasong Protest The Protest in 4Q13 65% Europe East Asia 25% 58% Nationality 9M13 9M14 % yoy East Asia (15.68) Europe The Americas (4.34) South Asia (11.18) Oceania (4.53) Middle East (8.73) Africa Total (10.28) 29